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Perp index risk: thinnest mark-price indexes

A perpetual's mark price follows its index, a weighted basket of spot prices. This ranking compares the estimated leveraged positions that would be liquidated within a move of the index with the resting spot order-book depth behind that index. A higher exposure-to-depth ratio means a thinner index relative to the positions that depend on it.

Updated 2026-10-01 17:39ZSource: exchange public APIsModel: static-book v1Times in UTCAs of 17:45 UTC

Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice. Read the method and its limits.

Ranked perps
75
coverage ok, fresh2026-10-01 17:39Z
Incomplete coverage
2
50-80% of index weight modelled
Not ranked
24
23 stale · 0 insufficient · 1 no exposure estimate
Model
static-book v1
sensitivity: uncalibrated

Thinnest indexes · move of +2% · Bybit

highest ratio first · top 50 of 75 · times in UTC

Move: +2% (up) · -2% (down)   Size: +2% · +5%   Exchange: All · Binance · OKX · Bybit · Bitget

# Perp Index depth to +2% (est.) Est. liquidation exposure within +2% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
1 Bybit 1000TAGUSDT TAG $820 $1.2M 1,400x est. 99% of weightheld fixed: binancealpha TAG/USDT
2 Bybit MOVRUSDT MOVR $63k $4M 63x est. 100% of weight
3 Bybit SHELLUSDT SHELL $5.8k $310k 54x est. 100% of weight
4 Bybit MUBARAKUSDT MUBARAK $82k $4M 49x est. 100% of weight
5 Bybit BBUSDT BB $28k $1.3M 46x est. 98% of weightheld fixed: Gate BB_USDT
6 Bybit NILUSDT NIL $34k $1.5M 45x est. 100% of weight
7 Bybit FORMUSDT FORM $35k $1.5M 42x est. 100% of weight
8 Bybit XVSUSDT XVS $6.4k $260k 41x est. 100% of weight
9 Bybit GPSUSDT GPS $28k $1M 37x est. 100% of weight
10 Bybit SPXUSDT SPX $52k $1.9M 37x est. 100% of weight
11 Bybit GIGGLEUSDT GIGGLE $47k $1.5M 32x est. 100% of weight
12 Bybit TUSDT T $11k $360k 32x est. 100% of weight
13 Bybit NEOUSDT NEO $22k $670k 30x est. 100% of weight
14 Bybit MITOUSDT MITO $26k $680k 27x est. 100% of weight
15 Bybit FLOWUSDT FLOW $19k $490k 26x est. 100% of weight
16 Bybit ACEUSDT ACE $47k $1.2M 24x est. 100% of weight
17 Bybit DUSKUSDT DUSK $20k $470k 24x est. 100% of weight
18 Bybit PHAUSDT PHA $56k $1.2M 22x est. 100% of weight
19 Bybit RONINUSDT RONIN $12k $250k 22x est. 100% of weight
20 Bybit NOMUSDT NOM $42k $900k 21x est. 93% of weightheld fixed: Coinbase NOM-USD
21 Bybit TUTUSDT TUT $61k $1.3M 21x est. 100% of weight
22 Bybit CVXUSDT CVX $24k $450k 19x est. 90% of weightheld fixed: Gate CVX_USDT, Kraken CVX/USD
23 Bybit 10000SATSUSDT SATS $17k $330k 19x est. 94% of weightheld fixed: KuCoin SATS-USDT
24 Bybit EPICUSDT EPIC $51k $950k 18x est. 100% of weight
25 Bybit MNTUSDT MNT $170k $3.1M 18x est. 96% of weightheld fixed: Bybit MNTBTC, Coinbase MANTLE-USD
26 Bybit HEIUSDT HEI $27k $480k 18x est. 100% of weight
27 Bybit ROBOUSDT ROBO $37k $660k 18x est. 100% of weight
28 Bybit RUNEUSDT RUNE $73k $1.3M 18x est. 93% of weightheld fixed: Kraken RUNE/USD, KuCoin RUNE-USDT
29 Bybit SOPHUSDT SOPH $35k $620k 18x est. 98% of weightheld fixed: Gate SOPH_USDT
30 Bybit REZUSDT REZ $37k $650k 17x est. 100% of weight
31 Bybit 1000FLOKIUSDT FLOKI $46k $800k 17x est. 100% of weight
32 Bybit MTLUSDT MTL $13k $230k 17x est. 86% of weightheld fixed: KuCoin MTL-USDT, Upbit KRW-MTL
33 Bybit DEXEUSDT DEXE $66k $1.1M 16x est. 100% of weight
34 Bybit BSVUSDT BSV $34k $550k 16x est. 100% of weight
35 Bybit C98USDT C98 $17k $270k 16x est. 100% of weight
36 Bybit PORTALUSDT PORTAL $25k $390k 15x est. 100% of weight
37 Bybit STOUSDT STO $34k $500k 15x est. 100% of weight
38 Bybit SAGAUSDT SAGA $79k $1.1M 15x est. 98% of weightheld fixed: Kraken SAGA/USD
39 Bybit GENIUSUSDT GENIUS $77k $1.1M 14x est. 96% of weightheld fixed: KuCoin GENIUS-USDT
40 Bybit IDUSDT ID $30k $410k 14x est. 100% of weight
41 Bybit REDUSDT RED $46k $550k 12x est. 100% of weight
42 Bybit HEMIUSDT HEMI $67k $800k 12x est. 100% of weight
43 Bybit ALICEUSDT ALICE $88k $1M 11x est. 91% of weightheld fixed: Coinbase ALICE-USD
44 Bybit MAVUSDT MAV $27k $300k 11x est. 99% of weightheld fixed: Gate MAV_USDT, KuCoin MAV-USDT
45 Bybit KERNELUSDT KERNEL $35k $360k 10x est. 96% of weightheld fixed: Coinbase KERNEL-USD
46 Bybit CUSDT C $92k $900k 9.9x est. 100% of weight
47 Bybit MIRAUSDT MIRA $37k $360k 9.8x est. 100% of weight
48 Bybit FIDAUSDT FIDA $23k $220k 9.3x est. 100% of weightheld fixed: KuCoin FIDA-USDT
49 Bybit JSTUSDT JST $160k $1.5M 9x est. 99% of weightheld fixed: Kraken JST/USD
50 Bybit PIXELUSDT PIXEL $36k $310k 8.7x est. 100% of weight

Ranked by estimated exposure-to-depth ratio. Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice.

Incomplete coverage

50-80% of index weight modelled · not part of the ranking above
Perp Index depth to +2% (est.) Est. liquidation exposure within +2% Exposure-to-depth ratio (est.) Coverage Updated (UTC)
Bybit GUNUSDT GUN $51k $310k 6.2x est. Partial coverage 78% of weightheld fixed: Gate GUN_USDT, Kraken GUN/USD
Bybit 10000NEXUSDT NEX $5.7k $19k 3.3x est. Partial coverage 74% of weightheld fixed: binancealpha NEX/USDT, Coinbase NEX-USD

Stale (not ranked)

no position · 20 of 23 shown
Perp Last estimate age Status
Bybit TRIAUSDT TRIA 15 min Stale: last estimate is 15 min old. Figures are shown greyed and alerts are paused.
Bybit TOWNSUSDT TOWNS 15 min Stale: last estimate is 15 min old. Figures are shown greyed and alerts are paused.
Bybit USDCUSDT USDC 15 min Stale: last estimate is 15 min old. Figures are shown greyed and alerts are paused.
Bybit FOGOUSDT FOGO 15 min Stale: last estimate is 15 min old. Figures are shown greyed and alerts are paused.
Bybit NEWTUSDT NEWT 16 min Stale: last estimate is 16 min old. Figures are shown greyed and alerts are paused.
Bybit KSMUSDT KSM 16 min Stale: last estimate is 16 min old. Figures are shown greyed and alerts are paused.
Bybit CHRUSDT CHR 16 min Stale: last estimate is 16 min old. Figures are shown greyed and alerts are paused.
Bybit ZILUSDT ZIL 74 min Stale: last estimate is 74 min old. Figures are shown greyed and alerts are paused.
Bybit MAGICUSDT MAGIC 75 min Stale: last estimate is 75 min old. Figures are shown greyed and alerts are paused.
Bybit OKBUSDT OKB 75 min Stale: last estimate is 75 min old. Figures are shown greyed and alerts are paused.
Bybit LUMIAUSDT LUMIA 75 min Stale: last estimate is 75 min old. Figures are shown greyed and alerts are paused.
Bybit DGAIUSDT DGAI 76 min Stale: last estimate is 76 min old. Figures are shown greyed and alerts are paused.
Bybit OGNUSDT OGN 76 min Stale: last estimate is 76 min old. Figures are shown greyed and alerts are paused.
Bybit INUSDT IN 76 min Stale: last estimate is 76 min old. Figures are shown greyed and alerts are paused.
Bybit ASRUSDT ASR 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit BELUSDT BEL 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit XVGUSDT XVG 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit MUSDT M 2 h Stale: last estimate is 2 h old. Figures are shown greyed and alerts are paused.
Bybit CLANKERUSDT CLANKER 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.
Bybit FLUXUSDT FLUX 3 h Stale: last estimate is 3 h old. Figures are shown greyed and alerts are paused.

Recent constituent divergences

last 24 h · observed · times in UTC

Observed divergence between index sources; no intent is implied. Static-book estimates from public exchange data. Not a real cost to move any price, not a mark-price forecast, and not trading advice.

Method. Every five minutes the sampler reads each watched perp's index composition from the exchange, the spot order books of its constituents, and open interest. Index depth is the resting spot liquidity between the current index and the chosen move, with each exchange's outlier guard applied; constituents we cannot read are held fixed. Liquidation exposure is estimated from open interest with a leverage prior (Hyperliquid positions where published). The ratio is exposure divided by depth. Model sensitivity is not yet calibrated against realised moves, so treat every figure as an estimate. Full method and limits: mark price and index price.

Coverage. Ranked: at least 80% of index weight modelled, books under 15 min and composition under 2 h old. Incomplete: 50-80% modelled. Stale or insufficient perps get no position. Index changes behind these figures: perp index constituent changes.

Index risk ranking FAQ

What does the exposure-to-depth ratio measure?

The estimated liquidation exposure within the chosen move of the index, divided by the static-book depth of the index's spot constituents over the same move. Both halves are estimates from public exchange data. A higher ratio means the index is thin relative to the leveraged positions near it; it is a risk indicator, not a price for moving the index.

Why are some perps missing or in the incomplete group?

A perp is ranked only when at least 80% of its index weight comes from order books we read, its books are under 15 minutes old and its composition under 2 hours old. Between 50% and 80% it is listed under incomplete coverage with the sources held fixed. Below 50%, or with old data, it gets no position.

Is index depth the price to move the mark price?

No. Depth is summed from order-book snapshots that refill in practice, unreadable sources are held fixed, and liquidations follow the mark price, which also depends on the perp's own price and funding basis. See mark price and index price for the method.